Individuals / Family
To achieve both personal and family targets can get confusing and that’s where The Ebony Rose Group can help by providing clarity.
On your own, the job you hold will most likely fund the lifestyle you want to live as an individual. Alternatively, when you’re part of a family, your career will need to also take in consideration the lifestyle of other family members. For instance, as an individual your job priorities may be salary or career progression. On the other hand, as a family member your priority may change to job security or flexibility.
As an individual, you may need to consider how you will fund your education costs such as university, TAFE or training for a potential change in career. As a family member with children, your attention will turn to their education and how you will fund their learning experience.
If you are renting or paying off your mortgage as an individual, your one or two-bedroom property will suit your needs. On the other hand, being part of a family unit may mean having a bigger home, moving suburb to be closer to extended family who can help with childminding, or even moving into a school catchment area for your kids’ education.
Whether your retirement plans include travelling or supporting a lifelong hobby, it is a great time to experience and enjoy life. Despite this, many people head into retirement with their superannuation as their main source of income, and in most cases this is not enough to support their plans.
For example, consider what your food expenses would be during retirement. The average life expectancy in retirement is 20 years. If you cost each meal at a conservative $10, then:
- Three meals a day at $10 = $30
- 365 days a year x $30 = $10,950
- 20 years x $10,950 = $219,000
That’s $219,000 just to eat during retirement. If you’re a couple, double it!
Everyone has different retirement plans, but do you plan on doing anything besides eating during retirement?